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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.38%, DAX30 +0.07%, CAC40 (0.26%)

Aug 23 ,2024

  • Synopsis

    • European equity markets are set to open mixed amidst Asia equities turned mostly higher on Friday following a relatively soft open. Japan back in positive territory as mainland China swung to gains and South Korea erases losses. Hong Kong, Australia and Taiwan continue to lag. US futures partially recovered overnight declines. Nasdaq notably lagged S&P 500 as Big Tech sold off. Sharp drop in SOX index also added to bearish tech signals, guiding Asia tech generally lower, particularly in Hong Kong. US treasuries firmer in Asia hours, rebounding from overnight weakness, but JGBs, Australia/New Zealand markets lower. Dollar index reversed overnight gains with yen strength gaining further traction on the back of BOJ Ueda comments. Futures in WTI crude oil, gold and Bitcoin all trading moderately higher.

    • On today's agenda, ECB releases results of its latest consumer expectations survey at 10:00CET whilst BOE's Bailey speech at 20:00BST at Annual Jackson Hole Economic Policy Symposium. Norway's minister of defence Gram breakfast seminar at 9:00CET in connection with minister's official visit to South Korea, Japan and Australia, beginning in South Korea on 30-Aug and concluding on 9-Sep. India's PM Modi to visit Ukraine. UK's Ofgem announces typical household energy bill tariff for Q4. Meanwhile, Belgium, five party leaders will begin talk with King in another attempt to form a new government following resignation of former chief negotiator N-VA's De Weve.

    • Macroeconomic releases expected today include: France Aug business climate/confidence, Sweden Jul unemployment rate, UK Aug consumer confidence - GfK, distributive trades - CBI

    • In corporate news, Nestlé (NESN.SW) announced yesterday after the close that CEO Mark Schneider decided to relinquish his roles; Laurent Freixe appointed as new CEO. In earnings front, ALK-Abello (ALK.B.DC) reports Q2 EPS DKK0.90 vs FactSet DKK0.73 and upgrades its FY24 revenue and earnings outlook. Also in the Nordics, Green Landscaping Group (GREEN.SS) reports Q2 EPS SEK1.04 vs FactSet SEK1.17 [1 est]. Synsam (SYNSAM.SS) reports Q2 EPS SEK1.14 vs FactSet SEK0.87 [1 est]. In the DACH region, The Platform Group (TPG.GR) reports H1 EPS €1.09 vs year-ago €0.82.

    • In M&A, Getinge (GETI.B.SS) to acquire Paragonix Technologies for ~$477M.

  • Macro/Politics

    • Investors' expectations for European inflation fall to lowest since 2022 - FT

    • UK Aug consumer confidence (13) vs consensus (12) and prior (13) - GfK

    • France's President Macron meets with different party leaders to discuss forming a new government - Le Monde

  • Top company news

    • Earnings/updates

      • ALK.B.DC (ALK-Abello) -- reports Q2 EPS DKK0.90 vs FactSet DKK0.73 [4 est, DKK0.70-0.80]

        • upgrades its FY24 revenue and earnings outlook

      • WHATS.BB (What's Cooking Group) -- reports H1 net income attributable €10.1M vs year-ago €2.4M

      • STSU.NO (Standard Supply) -- reports Q2 net income $13.2M vs year-ago $4.0M

      • KCC.NO (Klaveness Combination Carriers) -- reports Q2 EPS $0.41 vs FactSet $0.42 [3 est, $0.40-0.42]

      • GREEN.SS (Green Landscaping Group) -- reports Q2 EPS SEK1.04 vs FactSet SEK1.17 [1 est]

      • SYNSAM.SS (Synsam) -- reports Q2 EPS SEK1.14 vs FactSet SEK0.87 [1 est]

      • TPG.GR (The Platform Group) -- reports H1 EPS €1.09 vs year-ago €0.82

      • HAFNI.NO (Hafnia) -- reports Q2 net income $259.2M vs FactSet $246.1M

      • VIST.NO (Vistin Pharma) -- reports Q2 EPS NOK0.43 vs year-ago NOK0.16

    • M&A

      • GETI.B.SS (Getinge) -- announces acquisition of Paragonix Technologies for ~$477M

      • SIE.GR (Siemens AG) -- CORRECTION: Siemens AG to sell Siemens Logistics unit to Toyota's Vanderlande - Reuters

      • HUSQ.B.SS (Husqvarna) -- to acquire digital platform in the light agriculture segment InCeres; terms undisclosed

    • Healthcare

      • GLPG.NA (Galapagos) -- announces FDA clearance of IND application for Phase 1/2 ATALANTA-1 study of CD19 CAR-T, GLPG5101, in relapsed/refractory non-Hodgkin lymphoma

    • Other

      • NESN.SW (Nestle) -- Nestlé CEO Mark Schneider decides to relinquish his roles; appoints Laurent Freixe as new CEO

      • IFX.GR (Infineon Technologies) -- and Qimonda insolvency administrator reach settlement to bring legal dispute to an end by mutual agreement

      • VOLV.B.SS (Volvo) -- received order for 300 electric trucks from DSV

      • HSX.LN (Hiscox) -- issues statement regarding the death of Jonathan Bloomer

      • PROX.BB (Proximus) -- will activate alternative scenarios for its headquarters as Immobel has not exercised the call option to acquire and redevelop the Towers

      • SAS.SS (SAS) -- did not reached agreement with two Cabin Crew Associations in Norway; NKF and SNKwill strike as of this morning 23-Aug

  • Key rating changes

    • Upgrades

      • HUFV.A.SS (Hufvudstaden) -- to hold from sell at DnB Markets

      • DEMANT.DC (Demant) -- to hold from underperform at Jefferies

    • Downgrades

      • M0YN.GR (Mynaric) -- to hold from buy at Pareto

      • ISS.DC (ISS A/S) -- to neutral from outperform at BNP Paribas Exane

    • Other

      • SMIN.LN (Smiths Group) -- initiated hold at Berenberg

  • Data

    • Nikkei +0.44% to 38378.49

    • Hang Seng (0.36%) to 17578.36

    • Shanghai Composite +0.00% to 2848.71

    • S&P futures +20.5 vs prior close of 5594.0

    • €-$ +0.0017 or +0.15% to 1.1128

    • $-¥ (0.64) or (0.44%) to 145.66

    • €-¥ (0.50) or (0.31%) to 162.07

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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